Syre, a textile impact company decarbonizing and dewasting the industry through textile-to-textile recycling at hyperscale, just raised $100 million for its first Giga scale plants.
It’s inspiring to see some of the most ambitious investors (TPG Rise Climate which was joined by additional investment from founder H&M Group, Giant Ventures, IMAS Foundation-Ikea’s store operation manager, Norrsken VC-EU’s impact investor and Volvo Cars) have joined the funding to drive the green transition of textile industry.
The funding round will finance the construction of the blueprint plant in the U.S., which will be up and running later this year, as well as preparations to establish the company’s first two Giga scale textile-to-textile recycling plants. This equity funding further allowed Syre to fully acquire the patented technology that is the centerpiece of the company’s textile-to-textile recycling solution.
It was developed for nine years and compared with 20+ polyester recycling technologies worldwide.
Syre, founded just last year, has a big ambition to exponentially roll out this unique technology and accelerate the decarbonization in the textile industry.
Looking forward to seeing more good news and actions! 💚
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31 w
Annually, the world produces approximately 92 million tons of textile waste. The textile industry is also a major contributor of plastic waste, ranking second after the packaging sector with 42 million tons of plastic waste generated per year. This is a great milestone.
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32 w
This is exactly the kind of innovation we need in the fashion industry. $100 million to Syre for textile-to-textile recycling at scale is HUGE.
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32 w
A great investment indeed
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32 w
Excited to see the impact of their innovative approach to decarbonizing textiles! 🌎👕
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32 w
A welcome step. Investing in decarbonizing the textile industry addresses a significant source of pollution and waste. This initiative can drive sustainable practices, reduce environmental impact, and set a precedent for other sectors. Way to go
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32 w
Dear Vermeer Xie Your climate love has received over 50 agrees! We have reached out to Syre by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time
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32 w
Good investment.Looking forward to a shift in textile production and it's waste management practices
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32 w
@rukia_ahmed_abdi indeed, I hope this leads to a shift in most textiles and the production can help manage pollution and wastage.
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32 w
This is a great investment!! This initiative has the potential to drive innovation and systemic change in textile production and waste management practices.
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@walter_lungayi The systemic change is much needed and it couldn't come at a better time when we need to drastically cut emissions in many sectors to ensure we stay within the agreed upon limits.
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33 w
this is a great move,